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Buyers & Sellers
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Buyers & Sellers Brickell Bay Realty Group, LLC is marketing two parcels in Coconut Creek, FL for office or retail use. One parcel is 17 acres and located at the intersection of the Sawgrass Expressway and Lyons Road. The parcel has 500 feet of frontage on the Sawgrass Expressway, 1,000 feet of frontage on Lyons Road and 500 feet of frontage on Sawgrass Boulevard. The second parcel is six acres and located north of Sawgrass Boulevard. Area demographics include a population of 20,328 residing in a three-mile radius earning an average household income of $86,321. The average daily traffic count for Lyons Road is 33,000 vehicles and 41,000 vehicles for the Sawgrass Expressway. For more information, contact Allan W. Hoekstra, Brickell Bay Realty Group, LLC, 1000 Brickell Avenue, Suite 920, Miami, FL 33131; 954-418-6557, Fax 954-827-0211, Cell 954-803-6917; Email: awhoekstra@aol.com; Web site: www.brickellbayrg.com. NAI Horizon is marketing a 28,335 sq.ft. freestanding building at 330 Carousel Parkway in Henderson, NV. The building has 1,600 sq.ft. for a retail gallery shop, 11,628 sq.ft. of warehouse space, 6,137 sq.ft. of office space and 3,549 sq.ft. for shipping. The building, which is located on a 3.15-acre parcel, is zoned limited industrial and has a potential zoning of community commercial. Neighboring retailers include Wal*Mart, Lowe’s, Costco, Best Buy, Office Depot and the Valley Auto Mall. The asking price is $3.95 million. For more information, contact Curtis Sanders, Kathy Campbell or Janet Goldstein, NAI Horizon, 3790 Paradise Road, Suite 250, Las Vegas, NV 89019-4648; 702-796-8888, Fax 702-796-5479. Marcus & Millichap is marketing a 12 property restaurant portfolio with an investment grade tenant at a Cap rate of 10.45%. The portfolio requires only 7.3% equity and has 4.3% cash flow, a 20-year absolute bond NNN lease with no management responsibilities, an accelerated depreciation basis and a highly leveraged structure that provides positive cash flow. The portfolio also has in-place financing conducive to maximizing passive losses and non-recourse debt. The company is BBB rated by Standard & Poors, has $2 billion in sales and a net worth of $864 million. The asking price is $26.6 million, with $1,942,759 in cash required. For more information, contact John Glass or Steve Regenstreif, Marcus & Millichap, 750 Battery Street, #500, San Francisco, CA 94111; 415-391-9220 Ext. 310 for John, 818-907-0600 for Steve, Fax 415-840-0480; Email: jglass@speakeasy.net or sregenstreif@marcusmillichap.com. National Net Lease Realty is marketing a 10,125 sq.ft. CVS pharmacy located on 2.1 acres at 184 Turnersburg Highway in Statesville, NC. The asking price is $2.68 million with $830,000 down for a return of about 7.67%. CVS has a 20-year lease that commenced in July 1999 with an annual rent of $205,031 that increases every five years to $217,383, $230,343 and $244,215, with six five-year options at similar increases. The landlord is responsible for roof and structure and the first rent increase is due July 2004. The assumable loan is $1.85 million at 7.31% interest amortized over 30 years and due in 10 years. Debt service is $152,347 with $830,000 cash down for a cash on cash return of 7.67% average over 10 years. The annual cash flow is $63,689, including a deduction for reserves of $1,500 per year. The annual rental income at a blended rate over 10 years is $217,536. Area demographics include a trade area population of 37,439 earning an average household income of $50,971. The average daily traffic count at the site is more than 35,000 vehicles. For more information, contact Terry Marks, National Net Lease Realty, 4729 Libbit Avenue, Encino, CA 91436; 818-905-5597, Fax 818-905-5596; Email: info@terrymarks.com; Web site: www.terrymarks.com. First Capital Realty Inc. acquired a portfolio of six shopping centers in Canada from Ivanhoe Cambridge for $58 million. The portfolio consists of neighborhood and community supermarket-anchored shopping centers in the greater Montreal area with about 800,000 sq.ft. of GLA. The acquired centers include Plaza Delson, Centre Commercial Cote St-Luc, Place Fleury, Centre Commercial Van Horne, Centre Commercial Wilderton and Centre Commercial Beaconsfield. For more information, contact Dori J. Segal or Frank Bucys, First Capital Realty Inc., BCE Place, Canada Trust Tower, 161 Bay Street, Suite 2820, Toronto, Ontario, Canada, M5J 2S1; 416-504-4114, Fax 416-941-1655. Sperry Van Ness sold the Dove Canyon Plaza, a 69,000 sq.ft. retail center in Trabuco Canyon, CA. The center is anchored by Gold’s Gym and was purchased as part of a 1031 Exchange. For more information, contact Reza Etedali, 18881 Von Karman Avenue, Suite 800, Irvine, CA 92612; 949-250-4100 Ext. 125; Email: etedalir@svn.com; Web site: www.svn.com. Horn Capital Realty, Inc. is looking for fee interest in ground leases for Wal*Mart, Sam’s Club, Lowe’s, Kmart, Home Depot, Walgreens, Burger King, Taco Bell and KFC.For more information, contact Jonathan S. Horn, Horn Capital Realty, Inc., 1108 Kane Concourse, Suite 201, Bay Harbor Islands, FL 33154; 305-864-2000, Fax 305-864-4240; Email: jsh@horncapital.com. C.A. White, Inc. is representing a client that is looking to acquire shopping centers for redevelopment where cash flow can be increased through capital improvements and intensive leasing. Acquisition criteria include distressed/turnaround candidates, neglected maintenance or tired appearances, high vacancy and/or dark anchors, over leveraged or maturing debt and environmental contamination. Minimum requirements include centers that are at least 100,000 sq.ft. and located in the continental U.S., preferably eastern states, with a minimum trade area population of 250,000. The company requires a minimum yield of 10% Cap at purchase, secondary to yield after redevelopment and single assets, portfolios or nonperforming real estate mortgages.For more information, contact Frank M. Micali, C.A. White, Inc., 1211 Chapel Street, New Haven, CT 06511; 203-777-6891, Fax 203-777-6655; Email: frank@cawhite.com; Web site: www.cawhite.com. Mink & Mink, Inc. brokered the sale of the 14,038 sq.ft. Commercial Square Retail Center located on 8400 West Commercial Boulevard in Tamarac, FL. B&B Investments, Inc. bought the center from Kaufman Investments, Inc. for $695,000. Coldwell Banker participated in the transaction.For more information, contact D.K. Mink, Mink & Mink, Inc., 3081 East Commercial Boulevard, Suite 105, Fort Lauderdale, FL 33308; 954-771-1717. Equity Investment Group acquired Paradise Pavilion, a 205,285 sq.ft. community shopping center situated on 24.16 acres in West Bend, WI. The center is anchored by an 89,983 sq.ft. Kohl’s. Additional tenants include a 46,546 sq.ft. Hobby Lobby and 8,200 sq.ft. Dress Barn. The center was sold by Com Realty. For more information, contact Wanda Albert, Equity Investment Group, One Buckhead Plaza, 3060 Peachtree Road, Suite 1560, Atlanta, GA 30305-242; 404-364-2984, Fax 404-364-2985. The R.H. Johnson Co. arranged the sale of the 154,300 sq.ft. Cedar Creek Mall Retail Center located at the intersection of 3rd Street and Ward Road in Lee’s Summit, MO. The center was acquired by Cedar Creek Mall from Hoke Enterprises Ltd. The R.H. Johnson Co. also arranged the sale of the 100,100 sq.ft. Claycomo Shopping Center located at the intersection of Interstate 435 and Highway 69 in Claycomo, MO. The center was acquired by Walpert Properties from American National Insurance Co.For more information, contact The R.H. Johnson Co., 801 West 47th Street, Suite 219, Kansas City, MO 64112; 816-561-5111, Fax 816-561-5551; Web site: www.rhjohnson.com.
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